Just a random idea. Am a noob, a sheep. BAAAA! Disregard this please - do not take as trading advice.
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ETHEREUM
Just drew some lines. The old bearish trend line has seem to come to an end and we're currently riding a new, fresh (yet a lot smaller) bullish wave. Fibo trendline suggests on 1hr chart that we might hit 568 on 21th where as fib retracement suggests 562 area. The conclusion would be a target between 560 and 570 USD.
In case the small bull flag printed between 19th and 20th gets invalidated we will test 515 and afterwards 500's in short term. This would be an ideal area to accumulate some more ETH as returning back to the falling huge trend line at this point seems almost impossible based on fibo extensions from the beginning of the "crash".
We can find a new trend line to ride before hitting trend 3.618, but currently it looks like we're on our way there. The ride can last up to 600's but after that a different trend line needs to be found to continue the analysis.
Fib time zone suggests there might be a smallish drop soon (purple vertical line) at fibo timeline 1.618. After the drop growth could continue. In case resistances were to fail we would go from 515's to 500's and from there 481 and 470. On the mid term this would create a small bearish trend line. RSI is oversold in 1hr and close to oversold in 2hr, so either a small amount of sideways movement is needed or a price drop to correct RSI. A pump is also a possibility, but probably not very healthy as the recoil would be greater later on.
Any noobie tips are welcome in the comments. Doing this just for my own learning.
@@@@@@
Just a random idea. Am a noob, a sheep. BAAAA! Disregard this please - do not take as trading advice.
@@@@@@
ETHEREUM
Just drew some lines. The old bearish trend line has seem to come to an end and we're currently riding a new, fresh (yet a lot smaller) bullish wave. Fibo trendline suggests on 1hr chart that we might hit 568 on 21th where as fib retracement suggests 562 area. The conclusion would be a target between 560 and 570 USD.
In case the small bull flag printed between 19th and 20th gets invalidated we will test 515 and afterwards 500's in short term. This would be an ideal area to accumulate some more ETH as returning back to the falling huge trend line at this point seems almost impossible based on fibo extensions from the beginning of the "crash".
We can find a new trend line to ride before hitting trend 3.618, but currently it looks like we're on our way there. The ride can last up to 600's but after that a different trend line needs to be found to continue the analysis.
Fib time zone suggests there might be a smallish drop soon (purple vertical line) at fibo timeline 1.618. After the drop growth could continue. In case resistances were to fail we would go from 515's to 500's and from there 481 and 470. On the mid term this would create a small bearish trend line. RSI is oversold in 1hr and close to oversold in 2hr, so either a small amount of sideways movement is needed or a price drop to correct RSI. A pump is also a possibility, but probably not very healthy as the recoil would be greater later on.
Any noobie tips are welcome in the comments. Doing this just for my own learning.
@@@@@@
Just a random idea. Am a noob, a sheep. BAAAA! Disregard this please - do not take as trading advice.
Note
Larger picture shows where we are Slightly zoomed in from before
Note
Very short term:Note
Note
Just a word of warning as we might have gotten a one month long double top around 589usd (pink rectangles). This -would- concede with the purple current trend coming to an end.In summary: We touched 589 and bounced from the roughly a month old purple trend line, so we seem to be in between. This will probably cause some side movements until one of those two breaks in either direction.
A small break downwards would be healthier in the long run as this would calm the RSI down a bit (overbought at the moment) as continuation straight up builds the risk in short term very high.
Note
H&S possibility in short term. Note
Short term HS invalidated :)Note
Idea based on BarclayJames' charts
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.